Brent Oil Price Analysis: Bullish Momentum Continues, Targeting Further Upside – 16-05-2024

by Jennifer

The Brent oil price maintains its upward trajectory, reinforcing the outlook for a bullish bias in intraday trading. The path appears clear for the price to advance towards the awaited target at $84.77, with positive momentum expected to sustain the upward movement.

However, it’s crucial to acknowledge that the anticipated rise is temporary, with indications pointing towards a subsequent return to a correctional bearish track within the visible bearish channel on the chart. A breach of the $82.40 level would serve as a signal to halt the suggested rise and potentially initiate a reversal towards the downside.


Expected Trading Range: The projected trading range spans between support at $82.20 and resistance at $85.10.


Trend Forecast: The overall trend forecast remains bullish, with the market exhibiting positive momentum and aiming for further upside potential. However, caution is advised as the rise is anticipated to be temporary, with the potential for a return to a correctional bearish trajectory looming.

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